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FEDERAL RESERVE BANK OF DALLAS F I S C A L A G E N T O F T H E U N IT E D S T A T E S Dallas, Texas, September 13, 1957 CASH OFFERING 4 Percent Treasury Bonds of 1969 4 Percent Treasury Notes of Series B-1962 4 Percent Treasury Certificates of Indebtedness of Series C-1958 To all Banking Institutions and Others Concerned in the Eleventh Federal Reserve District: Enclosed are Treasury Department Circulars Nos. 994, 995 and 996 covering a cash offering of 4 percent Treasury Bonds of 1969, 4 percent Treasury Notes of Series B-1962 and 4 percent Treasury Certificates of Indebtedness of Series C-1958. Enclosed also is a supply of subscription forms. Additional circulars and forms will be forwarded upon request. The books for the receipt of subscriptions will be open on Monday, September 16, for one day only. Subscriptions will be received at this bank and its branches at El Paso, Houston and San Antonio. Commercial banks may submit subscriptions for the account of customers, but others will not be permitted to enter subscriptions except for their own account. Subscriptions by commercial banks for their own account should be entered by the subscribing bank and not through another bank. It will be observed that a qualified depositary will be permitted to make payment by Treasury Tax and Loan Account credit for securities allotted to it for itself and its customers. Subscriptions from commercial banks for their own account will be received without deposit, but will be restricted in each case to an amount not exceeding 50 percent of the combined capital, surplus and undivided profits, of the subscribing bank. Subscriptions from all others must be accompanied by payment of 2 percent of the amount of securities applied for. CLOSING OF SUBSCRIPTION BOOKS The subscription books will close at the close of business, Monday, September 16. No further closing announcement will be made. Subscriptions addressed to a Federal Reserve bank or branch or to the Treasury Department and placed in the mail before midnight Monday, September 16, will be considered as having been entered before the close of the subscription books. Yours very truly, Watrous H. Irons President This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) UNITED STATES OF AMERICA 4 PERCENT T R E A S U R Y C E R T IF IC A TE S O F IN D E B T E D N E SS O F SE R IE S C -1 9 S 8 Dated and bearing interest from August 1, 1957 Due August 1, 1958 ADDITIONAL ISSUE 1957 Department Circular No. 994 Fiscal Service Bureau of the Public Debt TREASURY DEPARTMENT Office of the Secretary Washington, September 16, 1957 L OFFERING OF CERTIFICATES 1. The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond Act, as amended, invites subscriptions, at par and accrued interest, from the people of the United States for certificates of indebtedness of the United States, designated 4 percent Treasury Certificates of Indebtednss of Series C-1958. The amount of the offering under this circular is $750,000,000, or thereabouts. In addition to the amount offered for public subscription, the Secretary of the Treasury reserves the right to allot up to $100,000,000 of these certificates to Government Investment Accounts. The books will be open only on September 16, 1957, for the receipt of subscriptions for this issue. II. DESCRIPTION OF CERTIFICATES 1. The certificates now offered will be an addition to and will form a part of the 4 percent Treasury Certificates of Indebtedness of Series C-1958. The amount of the offering ment Circular No. 991, dated July 22, 1957, will be freely interchangeable therewith, are identical in all respects therewith, and are described in the following quotation from Department Circular No. 991: “ 1. The certificates will be dated August 1, 1957, and will bear interest from that date at the rate of 4 percent per annum, payable semiannually on February 1 and August 1, 1958. They will mature August 1, 1958. They will not be subject to call for redemption prior to maturity. 2 “ . The income derived from the certificates is subject to all taxes imposed under the Internal Revenue Code of 1954. The certificates are subject to state, inheritance, gift or other excise taxes, whether Federal or State, but are exempt from all taxation now or hereafter imposed on the principal or interest thereof by any State, or any of the possessions of the United States, or by any local taxing authority. “ 3. The certificates will be acceptable to secure deposits of public moneys. They will not be acceptable in payment o f taxes. “4. Bearer certificates with interest coupons attached will be issued in denominations of $1,000, $5,000, $10,000, $100,000, $1,000,000, $100,000,000 and $500,000,000. The certificates will not be issued in registered form. “ 5. The certificates will be subject to the general regulations of the Treasury Department, now or hereafter prescribed, governing United States certificates.” III. SUBSCRIPTION AND ALLOTMENT 1. Subscriptions will be received at the Federal Reserve Banks and Branches and at the Office of the Treasurer of the United States, Washington. Commercial banks, which for this purpose are defined as banks accepting demand deposits, may submit subscrip tions for account of customers, but only the Federal Reserve Banks and the Treasury Department are authorized to act as official agencies. Others than commercial banks will not be permitted to enter subscriptions except for their own account. Subscriptions from commercial banks for their own account will be received without deposit, but will be restricted in each case to an amount not exceeding 50 percent of the combined capital, surplus and undivided profits, of the subscribing bank. Subscriptions from all others must be accompanied by payment of 2 percent of the amount of certificates applied for, not subject to withdrawal until after allotment. Following allotment, any portion of the 2 percent payment in excess of 2 percent of the amount of certificates allotted may be released upon the request of the subscribers. 2. Commercial banks in submitting subscriptions will be required to certify that they have no beneficial interest in any of the subscriptions they enter for the account of their customers, and that their customers have no beneficial interest in the banks’ sub scriptions for their own account. 3. The Secretary of the Treasury reserves the right to reject or reduce any subscrip tion, and to allot less than the amount of certificates applied fo r ; and any action he may take in these respects shall be final. Allotment notices will be sent out promptly upon allotment. IV. PAYMENT 1. Payment at par and accrued interest from August 1, 1957, to September 26, 1957 ($6.08696 per $1,000) for certificates allotted hereunder must be made or completed on or before September 26, 1957, or on later allotment. In every case where payment is not so completed, the payment with application up to 2 percent of the amount of certifi cates allotted shall, upon declaration made by the Secretary of the Treasury in his dis cretion, be forfeited to the United States. Any qualified depositary will be permitted to make payment by credit for certificates allotted to it for itself and its customers up to any amount for which it shall be qualified in excess of existing deposits when so notified by the Federal Reserve Bank of its District. V. GENERAL PROVISIONS 1. As fiscal agents of the United States, Federal Reserve Banks are authorized and requested to receive subscriptions, to make allotments on the basis and up to the amounts indicated by the Secretary of the Treasury to the Federal Reserve Banks of the respec tive Districts, to issue allotment notices, to receive payment for certificates allotted, to make delivery of certificates on full-paid subscriptions allotted, and they may issue interim receipts pending delivery of the definitive certificates. 2. The Secretary of the Treasury may at any time, or from time to time, prescribe supplemental or amendatory rules and regulations governing the offering, which will be communicated promptly to the Federal Reserve Banks. ROBERT B. ANDERSON, Secretary of the Treasury. UNITED STATES OF AMERICA 4 P E R C E N T T R E A S U R Y N O T E S O F SE R IE S B - I 9 6 2 Dated and bearing interest from September 26, 1957 Due August 15, 1962 REDEEMABLE AT THE OPTION OF THE HOLDER AT PAR AND ACCRUED INTEREST ON FEBRUARY 15, 1960 1957 Department Circular No. 995 TREASURY DEPARTMENT Office of the Secretary Washington, September 16, 1957 Fiscal Service Bureau of the Public Debt I. OFFERING OF NOTES 1. The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond Act, as amended, invites subscriptions, at par and accrued interest, from the people of the United States for notes of the United States, designated 4 percent Treasury Notes of Series B-1962. The amount of the offering under this circular is $1,750,000,000, or thereabouts. In addition to the amount offered for public subscription, the Secretary of the Treasury reserves the right to allot up to $100,000,000 of these notes to Government Investment Accounts. The books will be open only on September 16 for the receipt of subscriptions for this issue. II. DESCRIPTION OF NOTES 1. The notes will be dated September 26, 1957, and will bear interest from that date at the rate of 4 percent per annum, payable on a semiannual basis on February 15 and August 15, 1958, and thereafter on February 15 and August 15 in each year until the principal amount becomes payable. They will mature August 15, 1962, and will not be subject to call for redemption prior to maturity. However, they will be redeemable at the option of the holders on February 15, 1960, at par and accrued interest, if notice in writing of intention to redeem on that date is given to the Office of the Treasurer of the United States or to any Federal Reserve Bank or Branch on or before November 16, 1959, and the notes are temporarily surrendered to the office to which notice is given for the purpose of having an appropriate stamp placed on them to indicate that they will be redeemed on February 15, 1960, and for detaching coupons dated subsequent to that date. 2. The income derived from the notes is subject to all taxes imposed under the Internal Revenue Code of 1954. The notes are subject to estate, inheritance, gift or other excise taxes, whether Federal or State, but are exempt from all taxation now or hereafter imposed on the prin cipal or interest thereof by any State, or any of the possessions of the United States, or by any local taxing authority. 3. The notes will be acceptable to secure deposits of public moneys. They will not be acceptable in payment of taxes. 4. Bearer notes with interest coupons attached will be issued in denominations of $1,000, $5,000, $10,000, $100,000, $1,000,000, $100,000,000 and $500,000,000. The notes will not be issued in registered form. 5. The notes will be subject to the general regulations of the Treasury Department, now or hereafter prescribed, governing United States notes. III. SUBSCRIPTION AND ALLOTMENT 1. Subscriptions will be received at the Federal Reserve Banks and Branches and at the Office of the Treasurer of the United States, Washington. Commercial banks, which for this pur pose are defined as banks accepting demand deposits, may submit subscriptions for account of customers, but only the Federal Reserve Banks and the Treasury Department are authorized to act as official agencies. Others than commercial banks will not be permitted to enter subscriptions except for their own account. Subscriptions from commercial banks for their own account will be received without deposit, but will be restricted in each case to an amount not exceeding 50 percent of the combined capital, surplus and undivided profits, of the subscribing bank. Subscriptions from all others must be accompanied by payment of 2 percent of the amount of notes applied for, not subject to withdrawal until after allotment. Following allotment, any portion of the 2 percent pay ment in excess of 2 percent of the amount of notes allotted may be released upon the request of the subscribers. 2. Commercial banks in submitting subscriptions will be required to certify that they have no beneficial interest in any of the subscriptions they enter for the account of their customers, and that their customers have no beneficial interest in the banks’ subscriptions for their own account. 3. The Secretary of the Treasury reserves the right to reject or reduce any subscription, and to allot less than the amount of notes applied for; and any action he may take in these respects shall be final. Allotment notices will be sent out promptly upon allotment. IV. PAYMENT 1. Payment at par and accrued interest, if any, for notes allotted hereunder must be made or completed on or before September 26, 1957, or on later allotment. In every case where payment is not so completed, the payment with application up to 2 percent of the amount of notes allotted shall, upon declaration made by the Secretary of the Treasury in his discretion, be forfeited to the United States. Any qualified depositary will be permitted to make payment by credit for notes allotted to it for itself and its customers up to any amount for which it shall be qualified in excess of existing deposits when so notified by the Federal Reserve Bank of its District. V. GENERAL PROVISIONS 1. As fiscal agents of the United States, Federal Reserve banks are authorized and requested to receive subscriptions, to make allotments on the basis and up to the amounts indicated by the Secretary of the Treasury to the Federal Reserve Banks of the respective Districts, to issue allot ment notices, to receive payment for notes allotted, to make delivery of notes on full-paid subscrip tions allotted, and they may issue interim receipts pending delivery o f the definitive notes. 2. The Secretary of the Treasury may at any time, or from time to time, prescribe supple mental or amendatory rules and regulations governing the offering which will be communicated promptly to the Federal Reserve Banks. ROBERT B. ANDERSON, Secretary of the Treasury. UNITED STATES OF AMERICA 4 PERCENT TREASU R Y B O N D S O F 1 9 6 9 Dated and bearing interest from October 1, 1957 Due October 1, 1969 Interest payable April 1 and October 1 1957 Department Circular No. 996 _-----------Fiscal Service Bureau of the Public Debt TREASURY DEPARTMENT Office of the SecretaryWashington, September 16, 1957 I. OFFERING OF BONDS 1. The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond Act, as amended, invites subscriptions, at par and accrued interest, from the people of the United States for bonds of the United States designated 4 percent Treasury Bonds of 1969. The amount of the offering under this circular is $500,000,000, or there abouts. In addition to the amount offered for public subscription, the Secretary of the Treasury reserves the right to allot up to $100,000,000 of these bonds to Government Investment Accounts. The books will be open only on September 16, 1957, for the receipt of subscriptions for this issue. II. DESCRIPTION OF BONDS 1. The bonds will be dated October 1, 1957, and will bear interest from that date at the rate of 4 percent per annum, payable semiannually on April 1 and October 1 in each year until the principal amount becomes payable. They will mature October 1, 1969, and will not be subject to call for redemption prior to maturity. 2. The income derived from the bonds is subject to all taxes imposed under the Internal Revenue Code of 1954. The bonds are subject to estate, inheritance, gift or other excise taxes, whether Federal or State, but are exempt from all taxation now or hereafter imposed on the principal or interest thereof by any State, or any of the possessions of the United States, or by any local taxing authority. 3. The bonds will be acceptable to secure deposits of public moneys. 4. Bearer bonds with interest coupons attached, and bonds registered as to prin cipal and interest, will be issued in denominations of $500, $1,000, $5,000, $10,000, $100,000 and $1,000,000. Provision will be made for the interchange of bonds of different denom inations and of coupon and registered bonds, and for the transfer of registered bonds, under rules and regulations prescribed by the Secretary of the Treasury. 5. Any bonds issued hereunder which upon the death of the owner constitute part of his estate, will be redeemed at the option of the duly constituted representatives of the deceased owner’s estate, at par and accrued interest to date of payment, provided: (A) That the bonds were actually owned by the decedent at the time of his death; and (B) That the Secretary of the Treasury be authorized to apply the entire proceeds of redemption to the payment of Federal estate taxes. Registered bonds submitted for redemption hereunder must be duly assigned to “ The Secretary of the Treasury for redemption, the proceeds to be paid to the District Director of Internal Revenue at __________________ for credit on Federal estate taxes due from estate of_____________ _____________ ” Owing to the periodic closing of the transfer books and the impossibility of stopping payment of interest to the registered owner during the closed period, regis tered bonds received after the closing of the books for payment during such closed period will be paid only at par with a deduction of interest from the date of payment to the next interest payment date; 2 bonds received during the closed period for payment at a date after the books reopen will be paid at par plus accrued interest from the reopening of the books to the date of payment. In either case checks for the full six months’ interest due on the last day of the closed period will be forwarded to the owner in due course. All bonds submitted must be accompanied by Form PD 1782, 3 properly completed, signed and sworn to, and by proof of the representatives’ authority in the form of a court certificate or a certified copy of the representatives’ letters of appointment issued by the court. The certificate, or the certification to the letters, must be under the seal of the court, and except in the case of a corporate representative, must contain a statement that the appointment is in full force and be dated within six months prior to the sub mission of the bonds, unless the certificate or letters show that the appointment was made within one year immediately prior to such submission. Upon payment of the bonds appropriate memorandum receipt will be forwarded to the representatives, which will be followed in due course by formal receipt from the District Director of Internal Revenue. 6. The bonds will be subject to the general regulations of the Treasury Department, now or hereafter prescribed, governing United States bonds. III. SUBSCRIPTION AND ALLOTMENT 1. Subscriptions will be received at the Federal Reserve Banks and Branches and at the Office of the Treasurer of the United States, Washington. Commercial banks, which for this purpose are defined as banks accepting demand deposits, may submit subscrip tions for account of customers, but only the Federal Reserve Banks and the Treasury Department are authorized to act as official agencies. Others than commercial banks will not be permitted to enter subscriptions except for their own account. Subscriptions from commercial banks for their own account will be received without deposit, but will be restricted in each case to an amount not exceeding the combined capital, surplus and undivided profits, of the subscribing bank. Subscriptions from all others must be accom panied by payment of 2 percent of the amount of bonds applied for, not subject to with drawal until after allotment. Following allotment, any portion of the 2 percent payment in excess of 2 percent of the amount of bonds allotted may be released upon the request of the subscribers. 2. The Secretary of the Treasury reserves the right to reject or reduce any sub scription, and to allot less than the amount of bonds applied fo r ; and any action he may take in these respects shall be final. Allotment notices will be sent out promptly upon allotment. IV. PAYMENT 1. Payment at par and accrued interest, if any, for bonds allotted hereunder must be made or completed on or before October 1, 1957, or on later allotment; provided, how ever, that payment for not more than 50 percent of the bonds allotted may be deferred until not later than October 21, 1957. All payments made subsequent to October 1, 1957, must be accompanied by accrued interest from that date at the rate of $0.11 per $1,000 per day. In every case where payment is not so completed, the payment with application up to 2 percent of the amount of bonds allotted shall, upon declaration made by the Secretary of the Treasury in his discretion, be forfeited to the United States. Any qualified depositary will be permitted to make payment by credit for bonds allotted to it for itself and its customers up to any amount for which it shall be qualified in excess of existing deposits, when so notified by the Federal Reserve Bank of its District. V. GENERAL PROVISIONS 1. As fiscal agents of the United States, Federal Reserve Banks are authorized and requested to receive subscriptions, to make allotments on the basis and up to the amounts indicated by the Secretary of the Treasury to the Federal Reserve Banks of the respective Districts, to issue allotment notices, to receive payment for bonds allotted, to make deliv ery of bonds on full-paid subscriptions allotted, and they may issue interim receipts pending delivery of the definitive bonds. 2. The Secretary of the Treasury may at any time, or from time to time, prescribe supplemental or amendatory rules and regulations governing the offering, which will be communicated promptly to the Federal Reserve Banks. iAn exact half-year’s interest is computed for each full half-year period irrespective of the actual num ber of days in the half year. For a fractional part of any half year, computation is on the basis of the actual number of days in such half year. 2The transfer books are closed from March 2 to April 1, and from September 2 to October 1 (both dates inclusive) in each year. 3Copies of Form PD 1782 may be obtained from any Federal Reserve Bank or from the Treasury Department, Washington, D. C. ROBERT B. ANDERSON, Secretary of the Treasury.
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